Market Dynamics • Consumer Trends • M&A Landscape
1. Market Overview
As we close out the first half of 2025, the RV industry is showing signs of stabilization, but not without challenges. YTD wholesale shipments have climbed +5% year-over-year, yet retail sales are down +4%, creating a familiar inventory tension. The Southeast and Southwest continue to outperform the national average, suggesting that consumer interest is alive and well, just more selective.
We’re witnessing a bifurcation between well-run dealerships that adapted quickly post-COVID and those still clinging to pre-pandemic models. Margins are tighter, interest rates remain elevated, and incentives are no longer a crutch. Operators that have leaned into disciplined inventory management, fixed ops growth, and high-touch customer engagement are outperforming peers by a wide margin.
“Disciplined operators are finding success,” says Scott Degnan, CEO of RVBS. “It’s not about riding the wave anymore; it’s about reading it.”
2. Consumer Behavior Trends
Today’s RV buyer is savvy, experience-driven, and highly informed. First-time buyers are gravitating toward affordable towables, while repeat buyers are leaning into value, quality, and service.
- Millennials and Gen Z want seamless digital experiences, customization, and green features. They expect transparency, flexible financing, and social proof before making a purchase.
- Boomers still drive premium sales, valuing luxury interiors, warranties, and top-tier service, but even they are comparison shopping online before stepping foot on a lot.
The traditional sales funnel is obsolete. Brands that blend physical and digital touchpoints, offer self-service tools, and maintain consistent post-sale communication are winning both loyalty and referrals.
“Meeting customers on their terms, online or onsite, is the game changer,” adds Dom Bookman, RVBS COO.
3. M&A Landscape
Q2 M&A activity held steady, reflecting a market that favors quality over quantity. Buyers are cautious, but capital is available for stores with sound operations and clear upside.
Independent buyers, especially those with operational experience, are stepping in where larger consolidators have pulled back. We’re also seeing strategic regional players expand selectively, often targeting single-point stores with strong service absorption and underutilized real estate.
Creative structures are becoming the norm: partial rollovers, real estate leasebacks, performance-based earn-outs, and minority recaps are increasingly part of the deal toolkit.
“The right deals are still getting done,” says Mike Lankford, President of RVBS. “We’re seeing more creativity, partial rollovers, real estate leasebacks, and structured earn-outs are all in play.”
4. Signals to Watch
- Aging Inventory: Some dealers carry units 150+ days, especially in northern markets. Floorplan interest is becoming punitive. Pricing agility and digital promotion are essential.
- Financing Evolution: High interest rates are driving longer terms and risk-based structures. Lenders are tightening standards, but programs that support FICO 600–700 are still gaining traction.
- Digital Acceleration: 80% of the shopping journey is now digital. Dealerships without integrated CRM, online F&I, and service scheduling are quickly falling behind.
- Ownership Transitions: Gen X and Millennials are stepping into leadership roles, often with different philosophies on growth, technology, and culture than the generation before them.
Forward-looking dealers are investing in succession planning, process automation, and fixed operations, not just new units.
5. Retail vs Wholesale Trends
Through May 2025, retail activity has not only caught up to wholesale shipments, it has now surpassed them.
Wholesale shipments peaked in March at 37,348 units but have steadily declined to 28,150 in May.
Retail registrations, however, have increased each month, from 17,543 in January to a strong 37,629 in May.
This marks the first time in recent quarters that retail demand has outpaced incoming inventory.
This reversal reflects strategic restraint at the dealership level and pent-up consumer demand driven by rising confidence and strong seasonality. High-demand regions, like Texas, Florida, and the Carolinas, are leading the charge, with consumers returning to the market after a cautious 2023.
Dealers who resisted the urge to overstock earlier this year are now reaping the benefits of a leaner, faster-turning inventory.
“This is what healthy demand looks like,” says Scott Degnan, CEO of RVBS. “Inventory is finally moving in the right direction, and this time, it’s being driven by the customer, not the factory.”
2025 YTD Industry Trends: Wholesale vs Retail
Looking Ahead: Summer & Fall 2025
The second half of 2025 will reward preparation, clarity, and adaptability. Dealers with leaner operations, pre-owned focus, and exceptional service retention will outperform. Recasting the P&L, embracing tech, and reinvesting in talent development are critical levers.
For sellers, this is the time to get ready. A clean balance sheet, sharp story, and aligned expectations make all the difference. The buyers are still out there, but they’re more discerning, data-driven, and focused on ROI.
“The bar is higher in 2025,” Degnan says. “But for those who are organized, realistic, and ready, the market is listening.”
Ready to Navigate What’s Next?
RV Business Solutions (RVBS) helps RV dealerships, manufacturers, and investors make smart decisions in complex environments. Whether you’re planning to expand, exit, or optimize your operations, our team brings decades of retail, OEM, and capital markets experience to your side of the table.
Let’s talk about what’s next, for your business, your team, and your legacy.
Dom Bookman is the Chief Operating Officer and Investor Relations lead at RV Business Solutions. With 12 years of experience in the tech industry, Dom is a serial entrepreneur specializing in business development, marketing, and growth strategies for leading brands. He has successfully piloted startups and facilitated multiple exits for early-stage companies.
Roger L. Nuttall served as President of Camping World, Inc. from January 2011. Prior to that, he was the Chief Operating Officer of FreedomRoads, LLC from January 2009 to January 2011, and the Executive Vice President and Chief Financial Officer of FreedomRoads, LLC from November 2003 to December 2015. From 1981 to 1983, Mr. Nuttall was a partner at McKay, Nuttall, and Reid, an accounting and consulting firm. Before that, he held various staff and management positions at Grant Thornton LLP from 1974 to 1981. From 1983 to 2003, Mr. Nuttall served as Chief Financial Officer and board member of Blaine Jensen & Sons, Inc., a multi-dealership RV company. He received a B.A. from Weber State University.
Scott Degnan is the Partner and Co-founder of RV Business Solutions and President of Degnan Management Group, Inc., a consulting firm.
Mike has almost 30 years’ experience in the Recreational Vehicle (RV) Industry and provides advisory and consulting services to clients within that industry.